Fraud Risk Assessments in today’s world are more of a necessity than just a “good thing to do”. But questions often arise around questions on “how”, “when”, “why”, “what” and “who” should execute the assessment. COSO 2013 Principle 8 under the Risk Assessment Component clearly defines the responsibility as one of management. Yet, as we enter 2023 and beyond, companies still struggle with the concept and who to assign the responsibility to. Conducting a complete and thorough fraud risk assessment is one of the most difficult tasks faced by any compliance professional or individual organization. In the years since the Enron scandal was revealed and the Sarbanes-Oxley Act was passed in 2002, the topic of fraud has continued to have its share of attention. In recent years, the topic of Cyber fraud incidents has become a significant concern. And with the post-COVID move to remote work, there are many opportunities that exist for fraud to be perpetrated on an organization.

This course follows many of the concepts outlined in this author’s book “Raise The Red Flag”, published by the Institute of Internal Auditors.